§ 711.590 — Disposition of unclaimed deposits; interest

Oregon § 711.590

• Jurisdiction: Oregon
• Vol.: 18
• Title 53: Financial Institutions
• Ch. 711: Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency

Text

(1) Two years after the date of the final order closing the liquidation of an institution, the Director of the Department of Consumer and Business Services may withdraw any unclaimed deposits or balances remaining to the credit of dividend accounts, representing the aggregate of undelivered checks or unpaid dividend funds in the possession of the Department of Consumer and Business Services, and report and pay the funds to the State Treasurer as unclaimed property under ORS 98.352.
(2) The interest earned on the dividend accounts while they remain in the possession of the director shall be paid to the State Treasurer to be credited to the Consumer and Business Services Fund and no person entitled to the accounts has any claim to the interest.

Legislative History

Amended by 1959 c.138 §4; 1973 c.797 §288; 1993 c.694 §37; 2019 c.678 §74; 2021 c.424 §22